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Global slowdown, steep fall in oil prices impacted exports

New Delhi: On 8th May, Slowdown in global demand, appreciation of the rupee against the euro and steep fall in oil prices led to a decline in India’s exports in 2014-15, Parliament was informed.
The country’s exports dipped by 1.2 percent to USD 310.5 billion in 2014-15 as against USD 314.4 billion in the previous fiscal (2013-14).

Exports started declining since October 2014 and contracted to 21.1 percent in March, the biggest fall in last six years.

Commerce and Industry Minister Nirmala Sitharaman attributed the decline in exports to fall in global demand during the period to slowing down of world trade, appreciation of the rupee against the euro, making exports to Europe, which is a major market for India, less competitive for Indian exporters.

“Steep fall in the prices of petroleum crude resulting in consequent decline in prices as well as export realisation for petroleum products that are major product items for exports for India,” she said in a written reply to the Lok Sabha.